Turkey's annual inflation accelerated in May, but to a lesser extent than estimated by economists, latest data showed Monday.
Inflation as per the consumer price index advanced to 6.51 percent in May from 6.13 percent in April, the Turkish Statistical Institute said. In March, the inflation rate was 7.29 percent. Economists had forecast a faster rise to 6.88 percent for May.
Driving the increase, prices of alcoholic beverages and tobacco recorded the biggest growth of 16.09 percent. Prices at hotels, cafes and restaurants moved up 8.78 percent annually, and communication costs advanced 7.49 percent. Food and non-alcoholic beverages prices were higher by 7.07 percent than a year earlier.
On a monthly basis, the consumer price index moved up 0.15 percent during the month, the agency said.
Separately, the agency said Turkey's producer price inflation increased to 2.17 percent in May from 1.7 percent April, which was lower than March's figure of 2.3 percent. Compared to April, output prices gained 1 percent.
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